Boards tend to pause leadership successions during turbulent times, and 2020 was no exception. Globally, CEO transitions fell 42% from the first to second half of the year as the economic strain of Covid-19 intensified. The trend varied by region, based on the timing of Covid-19 outbreaks. During the past three recessions, CEO transitions fell by as much as one-third from their precrisis high. Boards often choose one of their own as a steady hand in a crisis. In 2020, a record share of the US CEO successions involved a board director moving into the CEO role. CEO successions are likely to pick up this year in tandem with the overall economic recovery.